Flagship acquires Ohio ASC
Flagship Healthcare Properties has acquired Central Ohio Surgical Institute, an ambulatory surgery center in New Albany, Ohio.
The property was acquired via Flagship Healthcare Trust, the private real estate investment trust (REIT) of outpatient healthcare real estate firm Flagship. The firm did not disclose the acquisition price in the Oct. 28 announcement of the deal. Fifth Third Bank provided financing and Nick Myers of Zeustra represented the sellers.
Central Ohio Surgical Institute is a 14,416-square-foot property that encompasses five operating rooms, is fully leased and offers multiple specialties, including ear/nose/throat, plastics, orthopedics, gynecology, dentistry and gastroenterology.
Columbus, Ohio-based health system OhioHealth is the majority owner of Central Ohio Surgical Institute.
“We are excited about acquiring this high-quality, multi-specialty surgery center in a growing market anchored by trusted providers and OhioHealth, in partnership, as our long-term tenant,” said Blake Bratcher, Flagship’s executive vice president of ambulatory surgery centers, in the company’s announcement of the deal. “Ambulatory surgery centers are at the forefront of transformation in healthcare delivery, and we are continuing to capitalize on new opportunities in alignment with physicians, surgery center operators, and health systems to help them maximize their real estate so they can carry out their mission more effectively.”
National Management Firm acquires majority stake in Physicians Surgery Center
Physicians Surgery Center of Jackson, Tennessee, has a new majority owner.
The facility was independently created by physicians from The Eye Clinic, West Tennessee Bone & Joint Clinic, and Jackson Urological Associates, according to a Nov. 11 press release. A “nationally recognized ASC management firm” now has acquired the majority share of Physicians Surgery Center, according to the release, which did not name the management firm.
Mergers and acquisitions advisory firm HORNE Capital served as advisor to the seller.
“We are thrilled Physicians Surgery Center and their new partner are joining forces,” said HORNE Capital Senior Manager Jarrod Barraza. “This alliance expands same-day surgical care and preventive procedures to the Jackson, Tenn., area with the new manager’s wide-spread reach.”
The release did not disclose the acquisition price or other financial details.
“This partnership will only help us continue our mission of delivering high-quality medical care in an outpatient setting,” said Sean Neel, M.D., CEO of Physicians Surgery Center.
Sanford Health adds to ASC footprint in $194M deal
Sioux Falls, South Dakota-based health system Sanford Health has become the parent organization of Black Hills Orthopedic and Spine Center and Black Hills Surgical Hospital.
The deal includes “associated facilities in Rapid City, South Dakota, and Black Hills Surgery Center in Gillette, Wyoming, including urgent care locations, clinics and ambulatory surgery center,” according to a Nov. 14 post on the Sanford website.
The locations will transition to nonprofit status as part of the combination, in which Sanford is paying a total purchase price of $194 million. Medical Facilities Corporation (MFC) expects to receive about $105.2 million in gross proceeds, while a minority partner – Black Hills Surgical Physicians, LLC – is also taking part in the transaction, according to a Nov. 14 MFC press release.
“We look forward to establishing a more permanent presence in the region and continuing to work with others to expand comprehensive health care services to patients in western South Dakota, including Rapid City and the surrounding area,” stated Sanford Health President and CEO Bill Gassen. “We could not be more excited to welcome this extraordinary team of caregivers to Sanford Health and to growing longstanding partnerships with local independent physician groups to provide the best possible care for our patients when they need it.”
Sanford Health is the largest rural health care system in the United States, according to the organization’s website. The Sanford system includes 48 medical centers, 211 clinic locations, more than 160 Good Samaritan Society senior living centers.
UCLA Health buys $55M property, floats potential ASC
UCLA Health has acquired a life sciences property near El Segundo, California, for $55 million, with plans for the property potentially including an ambulatory surgery center.
That’s according to the Los Angeles Business Journal, in a Nov. 18 report on the transaction.
The ambitious renovation plans floated by UCLA Health could run to $90 million, transform the property to UCLA Health Sports Medicine Institute, and include an ASC and other medical facilities, according to public records cited by the Business Journal.
Newmark Group represented seller Karney Properties.
“The sale exemplifies a growing trend of owner-users capitalizing on pricing dislocation in the market,” stated Laura Stumm, a vice chairman with Newmark and leader of the firm’s capital markets practice in Los Angeles. “Karney executed a phenomenal renovation that attracted the buyer to this site, while maximizing cash flow from a long-term lease.”
